Poverty in Greece has increased by a shocking 40% from 2008 to 2015, according to data released by the Cologne Institute for Economic Research (IW). Cyprus with a 28.2% rise comes after Greece, followed by Ireland with a 28% increase.
The study did not limit its criteria to the lowest income index, but included factors such as the inability to acquire material goods, as well as a decrease in education opportunities, underemployment and worse healthcare provisions. The high poverty level is attributed to a prolonged recession, high unemployment, as well as tough austerity measures and the conditions and terms imposed on Greece by its creditors.
The study showed that the Mediterranean countries were the hardest hit, with Spain recording a poverty level rise by 18% and Italy by 11%.
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